Franco-Lebanese bank Societe Generale Libano-Europeenne de Banque (SGLEB) announced that its new branch in the Damascus free zone in Syria had opened for business.

The bank is the first of the four Lebanese banks granted licenses to operate in the free zones to start operations. Following the ruling Baath Party decree on giving the go-ahead for a law on private banks, SGLEB’s regional manager said that the group was interested in expanding its operations to cover the Syrian market in accordance with the new regulations. ¯ ( Banque du Liban et d'Outre-Mer Sal )